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Estate Planning Portability

Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the... more +
Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process.  less -

Estate Tax Portability – Not So Fast My Friend

by Dickinson Wright on

Many of you have heard of the new Federal estate tax “portability” rule that allows a surviving spouse to effectively inherit any unused federal estate tax exemption of a predeceased spouse. An individual can only use the...more

Pa. Supreme Court Upholds Trustee Replacement Rules

by Barley Snyder on

A recent Pennsylvania Supreme Court case clarified the ability of the beneficiaries of a trust to remove a corporate trustee. In a highly anticipated case, the Court unanimously refused to permit the beneficiaries of an...more

IRS Grants Taxpayers Two-Year Window to File Portability Election

by Bryan Cave on

In a long-awaited move, the IRS announced recently that taxpayers will now have at least two years to file an estate tax return to elect portability of a decedent’s unused estate tax exemption to the decedent’s surviving...more

Estate Administration Update: A Simplified Procedure for the Portability Election

by Williams Mullen on

Recently, the IRS issued Revenue Procedure 2017-34 (the “Revenue Procedure”), providing a simplified process for certain estates requiring an extension of time to make a portability election under § 2010(c)(5)(A) of the...more

Late Portability Election Denied for Estate That Was Over the Estate Tax Return Filing Threshold

by Genova Burns LLC on

One of the key changes of the 2010 Tax Relief Act is the addition of “portability” of the first deceased spouse’s unused basic exclusion amount, commonly referred to as the deceased spousal unused exclusion amount. Under...more

Personal Planning Strategies - December 2016

by Proskauer Rose LLP on

2017 Estate, Gift and GST Tax Update: What This Means for Your Current Will, Revocable Trust and Estate Plan - As we previously reported, the American Taxpayer Relief Act of 2012 (the "Act") made the following permanent:...more

2016 Year-End Estate Planning Advisory

by Katten Muchin Rosenman LLP on

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

No Later Voiding of Unnecessary QTIP Elections if Portability Elected

by Charles (Chuck) Rubin on

Please see chart below for more information....more

Portability is a thoroughly modern estate tax break

Computers and phones aren’t the only things that are portable today. The gift and estate tax exemption is also “portable” for married couples. Portability simplifies estate planning by allowing a surviving spouse to use the...more

Insight on Estate Planning -June/July 2016

Portability is a thoroughly modern estate tax break - Computers and phones aren’t the only things that are portable today. The gift and estate tax exemption is also “portable” for married couples. Portability simplifies...more

Planning for the $5-$10 Million Couple: Portability or Credit Shelter?

by Butler Snow LLP on

In 2009, each individual had a $3.5 million estate tax exemption. If a married individual had assets over $3.5 million, without careful planning, those assets in excess of $3.5 million would fall subject to a 45% estate tax....more

The Future of Credit Shelter Trusts

When the President signed the American Taxpayer Relief Act of 2012, some observers thought that certain provisions would sound the death knell for a popular legal tax shelter strategy known as Credit Shelter Trusts (CST)....more

Estate Planning 101: What is a “Sweetheart Trust?”

by Weintraub Tobin on

When discussing your estate planning needs with your attorney, after you discuss basic terms and concepts, your attorney will likely talk to you about the different types of revocable living trusts that may be appropriate for...more

It’s Not Too Late to Use Your Spouse’s Unused Estate Tax Exclusion

by Pessin Katz Law, P.A. on

In Revenue Procedure 2014-18 the IRS provided an extension of time to those who wished to be sure that a decedent’s surviving spouse could benefit from the concept known as “portability”. In the Procedure, the IRS provides...more

Marriage and Taxes in 2013

by McNees Wallace & Nurick LLC on

Two significant events in 2013 underscored the nexus of marriage and taxes that make it possible for many couples to radically simplify their estate planning. ...more

Insight on Estate Planning - Year End 2013: Can portability help preserve retirement benefits?

The American Taxpayer Relief Act of 2012 (ATRA) made the estate tax exemption “portability” feature permanent. This allows a surviving spouse to take advantage of a deceased spouse’s unused federal gift and estate tax...more

Insight on Estate Planning - Year End 2013

In This Issue: - State death taxes can be hazardous to your estate - Can portability help preserve retirement benefits? - Provide for family members with special needs using an SNT - Estate...more

Should We Rely On Portability?

by Pepper Hamilton LLP on

When Congress early this year enacted the new estate tax provisions making the $5 million inflation adjusted federal estate, gift and generation-skipping transfer (GST) tax exemptions "permanent," it also made the concept of...more

The Benefits of Marital Deduction Planning — Even with Portability

by BakerHostetler on

As discussed in a prior post, one of the helpful provisions recently added to federal estate tax law allows a surviving spouse to use any “leftover” or “unused” federal estate tax exclusion amount of a deceased spouse. The...more

Insight on Estate Planning - October/November 2013

In This Issue: - To preserve your wealth, consider a DAPT - Estate planning for same-sex spouses: What the Supreme Court’s DOMA ruling means - Using an FLP or LLC? Beware the step transaction...more

Personal Planning Strategies - July 2013

by Proskauer Rose LLP on

On June 26, 2013, the United States Supreme Court issued its decisions in Windsor v. United States and Hollingsworth, et. al. v. Perry et. al., thus ending a four year "fast-track" judicial expedition of the validity of the...more

Estate Planning Opportunities Arising from Recent Landmark Supreme Court Decisions Concerning Marriages of Same-Sex Couples

On June 26, 2013, the US Supreme Court (the “Supreme Court”) struck down Section 3 of the federal Defense of Marriage Act (DOMA) as unconstitutional in the case of United States v. Windsor (“Windsor”). In a related case, the...more

A long engagement: Married same-sex couples finally receive post-DOMA access to federal tax and estate planning benefits

The U.S. Supreme Court’s ruling in United States v. Windsor will forever change many facets of the lives of same-sex couples....more

Estate Planning with Portability: Not a Panacea

by Holland & Knight LLP on

When Congress resolved the fiscal cliff crisis early this year, it brought permanence to estate, gift and generation-skipping transfer tax laws that had been in flux for over a decade. In short, the American Taxpayer Relief...more

Estate Planning Implications of American Taxpayer Relief Act of 2012

The American Taxpayer Relief Act (the Act), which was passed by Congress on January 1, 2013 and signed into law by President Obama on January 2, has finally provided some permanence to the transfer tax laws....more

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